Ethereum
Bitmart loses $200 million in hack by unknown attackers
Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities in order to gain access to the funds of the exchange. The attackers targeted the platform’s hot wallets, specifically the Binance Smart Chain-based wallets and the Ethereum wallets. The hackers managed to take almost $200 million in tokens from the platform.
Bitmart Hot Wallets Exploited
Bitmart has lost more than $200 million in a hack that involved its hot wallets yesterday. The issue was first identified by Peckshield, a blockchain security and auditing company, that raised the alarm about a possible hot wallet vulnerability on social media. The involved wallets were those that held ETH and BSC-based tokens.
Bitmart representatives estimated the losses at $150 million initially, but PeckShield did an investigation of the funds taken, saying losses were around $200 million. The hacker stole significant amounts of SHIB and SAFEMOON, SAND and MANA among other things. Due to large quantities of tokens that were not liquidated on decentralized exchanges, the event had an impact on the price of certain tokens with low liquidity.
Bitmart acknowledged the situation and at the time stated that the losses due to the attack accounted for a small part of the exchange holdings. The company made the following announcement:
The affected ETH hot wallet and BSC hot wallet carries a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are currently conducting a security review. As we move forward, we will keep you posted on any developments.
Tornado-Washed Funds
The exploiters quickly moved the funds to different platforms with the intent of mixing the cryptocurrency taken. According to Peckshield, all of the Binance Smart Chain and Ethereum tokens were exchanged for ethereum using 1inch, a decentralized exchange platform, and then were sent to Tornado.cash, an obfuscation protocol that allows users to make transactions less susceptible to tracing.
This attack on a central exchange was one of the most devastating this year. Most of the risk of exploits have moved to decentralized financial (defi), platforms. The exchange suspended all withdrawals of assets due to this situation. It is currently conducting an investigation into the platform and its vulnerabilities.
What do you think about this $200 million Bitmart exchange hack? Please leave your comments below.
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Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Cryptocurrency charts by TradingView.
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